Nitto Group Report 2017

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36Nitto Group Report 2017Consolidated Financial StatementsConsolidated Statements of IncomeConsolidated Financial StatementsConsolidated Statements of Cash Flows(Yen in Millions)April 1, 2016 - March 31, 2017April 1, 2015 - March 31, 2016Revenue767,710 793,054 Cost of sales528,592 548,354 Gross profit239,118 244,700 Selling, general and administrative expenses109,317 115,040 Research and development expenses30,366 32,120 Other income6,773 8,714 Other expenses13,618 3,855 Operating income92,589 102,397 Financial income1,065 1,140 Financial expenses1,848 1,527 Equity in profits (losses) of affiliates-13 -13 Income before income taxes91,791 101,996 Income tax expenses28,101 20,006 Net income63,690 81,989 Net income attributable to:Owners of the parent company63,453 81,683 Non-controlling interests236 306 (Yen in Millions)April 1, 2016 - March 31, 2017April 1, 2015 - March 31, 2016I.Cash flows from operating activitiesIncome before income taxes91,791 101,996 Depreciation and amortization48,556 48,537 Impairment losses2,341 51 Increase (decrease) in defined benefit liabilities944 -742 Decrease (increase) in trade and other receivables-25,161 32,082 Decrease (increase) in inventories-1,328 542 Increase (decrease) in trade and other payables15,382 -9,181 Interest and dividend income829 985 Interest expenses paid-385 -534 Income taxes (paid) refunded-13,742 -34,146 Others710 1,067 Net cash provided by (used in) operating activities 119,939 140,658 II.Cash flows from investing activitiesPurchase of property, plant and equipment and intangible assets-43,178 -63,047 Proceeds from sales of property, plant and equipment and intangible assets537 2,823 Decrease (increase) in time deposits2,550 395 Proceeds from sales of investment securities77 3,009 Purchase of shares of subsidiaries resulting in change in scope of consolidation-4,796 —Payments for transfer of business-4,752 —Others-176 -266 Net cash provided by (used in) investing activities-49,739-57,085 III.Cash flows from financing activitiesNet increase (decrease) in short-term loans payable-1,973 -1,767 Repayment of long-term loans payable—-581 Decrease (increase) in treasury stock-0-20,007 Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation-3,224 —Cash dividends paid-23,533 -22,297 Others-151 -247 Net cash provided by (used in) financing activities -28,884 -44,902 IV.Effect of exchange rate changes on cash and cash equivalents-1,864 -12,339 V.Net increase (decrease) in cash and cash equivalents 39,451 26,332 VI.Cash and cash equivalents at the beginning of period 240,891 214,559 VII.Cash and cash equivalents at the end of period280,343 240,891